Oppenheimer Reiterates Outperform on Hess

Oppenheimer reiterates its Outperform rating on Hess

in a research report out today, and has an $80 price target on the company. In the report, Oppenheimer writes, "Earnings were down 3% from the year-ago period, but up 5% sequentially. Benefits from higher oil prices vs. both prior periods offset the impacts from loss of production due to the civil war in Libya, production interruptions in North Dakota, lack of drilling in the GOM, asset sales and higher exploration and production expenses. Downstream results were impacted by lower refining margins. HES has recently announced plans to shut down its HOVENSA refinery, after sustaining losses for 12 consecutive quarters. We reiterate our Outperform rating on the stock." Shares of Hess closed today at $57.31, down 4.99% from Tuesday's market close.